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NEA, Insight, Oak top newly minted venture portfolio at LA pension

Funds from New Enterprise Associates, Insight Venture Partners and Oak Investment Partners hold the top spots in a portfolio of newly minted venture funds at the Los Angeles City Employees’ Retirement System.

The portfolio, with vintages of 2014 to 2017, favors mid-sized funds, and a multi-stage to later-stage approach to investing. About two-thirds of the funds are between $300 million and $600 million in size, and a little more than a quarter are much larger, from $1.4 billion to more than $3 billion.

About two thirds of the funds do multi-stage or later-stage investing.

Overall, performance is solid, though a number of the funds are too young to have meaningful results. Of the eight funds three years or older, all were in the black as of June 2017 and three had double digit IRRs, according to a recent portfolio report.

The top performer as of June 2017 was New Enterprise Associates 15, a $2.8 billion fund from 2015, with an IRR of 21.3 percent, the report shows.

Tied for the second spot was Insight Venture Partners IX, also from 2015, with an IRR of 15.4 percent as of June. Matching that was Oak HC/FT Partners from 2014 with an identical IRR, the report shows.

Also performing well were Polaris Venture Partners VII and DFJ Growth 2013.

The portfolio also includes 2016 and 2017 funds from Spark Capital, Upfront Ventures, DFJ and the $151 million inaugural fund for Defy Partners, which was raised last year.

The entire portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.